Banco Bpm already owns 35% of Cattolica Assicurazioni
bpm bank exercised today the call option of purchase envisaged by the agreements signed in 2021 with Catholic Insurance, on 65% of the share capital of Vera Vita and Vera Assicurazioni, companies operating in the life and non-life sectors, in which the bank already owns a 35% stake. Vera Vita, in turn, holds the entire share capital of Vera Financial Dacan insurance company incorporated under Irish law, while Vera Assicurazioni holds 100% of the share capital of Vera Protezione.
Il exercise price of the call amounted to 392.5 million euros, deriving from a fixed component of 60 million and 65% of the Own Funds of the companies at the end of 2022, net of T2 instruments, equal to 332.5 million. To this must be added the 65% of the operating result of the companies accrued from 1/1/2023 until the closing date. The operation, informs a note, is part of the strategy to strengthen the business model of the Banco Bpm group which provides for the internalisation of the insurance business Life, already launched with the acquisition of the entire share capital of the Banco Bpm Vita company from Covéa, and the activation of a partnership strategica with Crédit Agricole Non-life/Protection insurance.
READ ALSO: Banco Bpm, Castagna: “No to new M&A. Rate hike? A concrete risk”
In particular, it is stated, the exercise of the call option will allow the creation of one of the main captive Life Bancassurance groups in Italy, the proposition of an integrated Wealth management offer for the customer and a strengthened and standardized Life product range for all group customers, the expansion of the commission base and the increase in Life insurance assets attributable to the financial conglomerate Banco Bpm, which will make it possible to achieve important synergies between the product factories.
Subscribe to the newsletter